In the blink of an eye, The first half of 2023 has passed. The resale market in 2022 suffered a significant blow due to various complex reasons. Many watch enthusiasts were anxious about the sharp drop in resale premiums and the unprecedented decline in prices. However, As the new year began, The market found a turning point at the end of January and February and showed signs of recovery. Currently, The prices of most popular models are maintaining a steady recovery without significant fluctuations.

Following the VIVER Q1 Report published in April 2023, VIVER Magazine reviews the domestic market trends for the first half of the year. Please note that the price data is based on the VIVER Index, Comparing the average prices of January and June 2023.

Main Professional Models
Average Price Trends in the First Half of 2023

Based on unworn prices / ⓒ VIVER Index

Rolex Daytona 116500LN ⓒ A blog to watch

Daytona Ref. 116500LN
Black 7.6% ▲, White 7.7% ▲

The leading model in the luxury watch resale market, Daytona Ref. 116500LN. This reference, Equipped with a ceramic bezel and nicknamed ‘Ceratona’, Demonstrated that watches could command a premium even in the domestic resale market. Since its launch in 2016, It has become a dream watch for collectors worldwide and has often commanded the highest premium over retail among Rolex professional lines. In March 2023, With the introduction of the new reference Ref. 126500LN, The previous model is no longer in production, Yet it continues to maintain a high premium and price stability. Compared to January 2023, The price has increased by 7.7% (white dial) and 7.6% (black dial), With little movement since April. For the white dial, As predicted in the VIVER Q1 report, The price for unworn new condition has not fallen below 40 million KRW, But the average price for pre-owned pieces fluctuates frequently due to the condition and age of the watch.

Daytona 116500LN

40mm, White, Oyster

Daytona 116500LN

40mm, Black, Oyster

Rolex Submariner

Submariner Black
Ref. 124060 11.8% ▲
Ref. 126610LN 7.2% ▲

If Daytona is the king of the resale market, The timepiece that symbolizes the long-standing identity of the Rolex brand is the Submariner. As an eternal steady seller, The Submariner’s active trading makes it easy to read price trends and ensures very transparent transactions. The two representative black models, Submariner 'No Date' Ref. 124060 and 'Date' Ref. 126610LN, Have consistently strong demand and can serve as a Rolex price index. In fact, These are among the top traded models on VIVER. The average price of Ref. 124060 has increased by more than 11% compared to January and has maintained the 15 million KRW range for two consecutive months. The average price of Ref. 126610LN with a date window has risen by about 7%. Although the rate of increase is relatively low, The premium and absolute price are higher.

Submariner 124060

41mm, Black, Oyster

Submariner Date 126610LN

41mm, Black, Oyster

Rolex Submariner 126610LV ⓒ Watchclub

Submariner Green
Ref. 126610LV 13.9% ▲

In March, Watch enthusiasts covering Watches and Wonders 2023 noticed a change in the green bezel color of the Rolex Submariner Ref. 126610LV. Due to the discontinuation of the previous color, The price temporarily surged, Then returned to normal as supply met demand. The current price is up 13.9% compared to January and ended June in a stable trend.

Rolex GMT Master 2

GMT Master 2
Ref. 126710BLRO 7.7% ▲
Ref. 126710BLNR 6% ▲

Among the entire Rolex catalog, The steel version of the GMT-Master 2 is considered a dream watch for many, Thanks to its reasonable price and high premium, Making it highly sought after by both investors and enthusiasts.

The most notable is the Jubilee version of Ref. 126710BLRO ‘Pepsi’. Over the past year, The Pepsi has not dropped below the 25 million KRW range. While the average resale price has not increased dramatically, Limited supply sometimes leads to higher asking prices. By the end of June, The price even reached the 30 million KRW range, Reaffirming the unstoppable popularity of the GMT Master 2.
The Rolex GMT Master 2 Ref. 126710BLNR with an Oyster bracelet, Nicknamed ‘Batman’, Has a lower premium and resale price than the Pepsi, But has shown a similar rate of increase. The Batman, Inheriting the color scheme of the first two-tone ceramic bezel, Has not fallen below 20 million KRW since January and is expected to remain above that level going forward.

GMT-Master 2 126710BLRO

40mm, Black, Jubilee

GMT-Master 2 126710BLNR

40mm, Black, Oyster

Rolex Explorer 1 ⓒ Wornandwound

Explorer 1 Ref. 124270 8% ▲

The Rolex Explorer 1 Ref. 124270 is a tool watch with a heritage and history comparable to the Submariner. In March this year, The largest 40mm size in Explorer 1 history was released, And despite the launch of the new model, The price of the existing model continued to rise. The classic 36mm size, Known for its ‘sweet spot’, Still appeals to a wide range of consumers.

From mid-May, The resale price of Explorer 1 began to exceed 12 million KRW, And by the end of the first half, Asking prices reached the 13 million KRW range, Confirming a clear upward trend. Although the current price is relatively accessible among professional lines, Considering the lower retail price, It commands a significant premium.

Explorer 1 124270

36mm, Black, Oyster

Explorer 40 224270

40mm, Black, Oyster

How Are Classic Models Priced?

To summarize the first half price trends of professional models, The market has recovered compared to last year’s bottom, But has remained stable since April. Meanwhile, There are ‘classic’ timepieces that have shown even more impressive price increases than the dream watch Daytona. While it is clear that the Rolex ‘Professional’ line leads the domestic luxury watch resale market, Classic models such as Datejust and Oyster Perpetual, Which boast a longer history and heritage, Also deserve attention for their price trends. The first half price report on these classic watches will continue in the next issue.